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GST Calculator in Online for Goods and Services Tax, Tax Filing and More Information

Updated: Sep 21,2019 10:11 IST

Vikram Sharma

GST Calculator in Online for Goods and Services Tax, Tax Filing and More Information
GST Calculator provided in Online will help one to calculate the GST Rates with much ease and less complexity. GST Calculator helps the taxpayers to check on the taxes to be paid which in turn helps in tax filing. The types of GST Calculator, Information Needed to calculate, working example and more details are given in the article.

What is a GST Calculator?

With the introduction of Goods and Services Tax in India, GST has been always been one of the talk among the taxpayers, manufactures, goods and service providers, and more. After the introduction of GST and with the tax filing procedure many are not aware on the procedure and the changes associated with GST filing. GST calculation, Return filing, Input tax credits are all the few terms mendling in the minds of taxpayers. GST Calculator provided in Online comes handy and makes it simple for the taxpayers to calculate the tax and to file the returns. To use the GST Calculator certain terms are to be understood by the people, so a brief on all related terms are also furnished in the content below.

Why is GST Calculator Needed?

GST Calculator is provided for the calculation of GST and to make it easier to calculate GST amounts without any confusion. A number of GST Calculators are given in Online for the benefit of the taxpayers. The GST Calculator provided is of two types, one that adds GST to the Net Amount - Add GST Calculator and another is Remove GST Calculator - used to calculate Net amount, GST amount and Gross amount. GST is calculated under five tax slabs based on the type of goods or services it falls under. The five tax slabs under GST are 5%, 12%, 18%, 28% and there is a category where NIL GST is applied and GST is calculated based on the respective tax slabs. 

How to Calculate GST with GST Calculator?

GST Calculation is much simple if calculated for single product and is also not much complicated like the earlier tax calculation that applied different taxing. For any GST calculation, there are two basic formula used one to Add GST and another to Remove GST. The two formula used are for different purpose. 
The first type, only the Original Cost of the product is given in which we would calculate the GST amount based on the respective tax slab and add it to the Original amount to get the Net Amount.
GST Amount = (Net Amount x GST %)/100
Gross Amount = Net Amount + GST Amount
The second type where GST is removed, the product comes along with GST added to it and in order to remove GST amount and know the Original Cost this formula is used.
GST Amount = Net Amount - [Net Amount x {100/(100+GST%)}]
Gross Amount  = Net Amount - GST Amount

Working Example for GST Calculation

GST Calculation is not much complicated like one assumes it to be. A working sample of GST Calculation is given clearly for the benefit of the readers and to easily understand the GST Calculation.
  • Assume that you are getting a product for Rs. 87; where 15% GST is applied. The total amount will be Rs. 100.
  • Now you sell the product you got for Rs. 200 inclusive of GST. The GST at 15% will be Rs. 26 i.e. you sold the product for Rs. 174 + 15% GST (Rs. 26) = Rs. 200.
  • You can also avail Input Tax Credit in this case. When you purchased the product you paid Rs. 13 as tax and when you sold the product on profit the tax you got was Rs. 26. For this purchase and sale you made, you can avail Input Tax Credit when filing taxes. On purchases you have already paid Rs.13, now the actual tax you will have to pay will be Rs. 26 - Rs. 13 = Rs. 13 on the profit you made on the sale.

How is the GST Calculated From Manufacturer to Retailer in the supply chain?

Many changes in tax calculation have occured after the introduction of GST. Let us see the tax calculation before and after GST.
 
Particulars

Tax calculated based on VAT
(in Rupee)

Tax calculated based on GST
(in Rupee)

Value to the Manufacturer

Cost of Production

5000

5000

10% of Profit Margin

500

500

Excise Duty (12%)

660

-

Total Production Cost

6160

5500

VAT (12.5%)

770

-

CGST (6%)

-

330

SGST (6%)

-

330

Manufacturer - Invoice Amount

6930

6160

Value to the Wholesaler

Cost of Product

6930

6160

10% of Profit Margin

693

616

Total Cost

7623

6776

VAT (12.5%)

953

-

CGST (6%)

-

406.5

SGST (6%)

-

406.5

Wholesaler - Invoice Amount

8576

7589

Value to the Retailer

Cost of Product

8576

7589

10% of Profit Margin

857

759

Total Cost

9433

8348

VAT (12.5%)

1179

-

CGST (6%)

-

501

SGST (6%)

-

501

Retailer - Invoice Amount

10612

9350

Information one should know to Calculate GST

  • For the calculation of GST one has to follow few steps and has to aware of few terms related to GST Calculation. Let’s the steps to calculate GST and the related terms
  • In order to calculate GST, first step is one should know about the GST Rates applicable to the respective goods or services on which GST is calculated. To know the rates for Goods and Services, check the link GST Rates.
  • After checking with the GST Rates, one should know if the GST falls under IGST or CGST and SGST. Under CGST and SGST, tax is split as 50% for SGST and 50% for CGST. 
  • Next important check is, if you fall under Composition scheme and have registered under the Scheme. Separate tax rates are applied for Composition Scheme.
  • In most of the taxing process, tax is collected from the buyer which is known as chargeable, but there are certain criteria where the supplier or service provider become liable. One has to also check this. 

Terms and Explanations of GST Calculation

  • CGST - Central Goods and Services Tax is a component of GST where the tax will be levied on the goods and services by the Central Government. 
  • SGST - Central Goods and Services Tax is the tax levied on State on the Goods and Services provided according to SGST Act. If the goods or services done is within a state then the tax applicable will be CGST and SGST.
  • IGST - Integrated Goods and Services Tax is also a part of GST taxing and is levied on goods and services of two states or inter-state trade across India. Also, IGST is applied on import and export of Goods and Services into and out of India, respectively. If the transaction of goods and services is between two states then it comes under IGST. 
  • UTGST -  Union Territory Goods and Services Tax is applied on Goods and services across the Union Territories. 
  • HSN Code - Harmonized System of Nomenclature code is used for classifying goods under GST and also the internationally accepted coding system for goods.
  • SAC Code - This is also a coding system under GST but for classifying services provided. SAC stands for Services Accounting Code.

What are the Benefits of GST Calculator?

GST being a new implementation in India, many people do not know the working of GST. In turn, they are not able to calculate the GST amount. GST Calculator removes all the difficulties people face in the calculation of GST. One can easily calculate the GST amount using the various GST calculators available online. Some of the benefits of GST Calculators are listed below.
  • GST Calculator saves a lot of time.
  • It provides instant and accurate results.
  • GST Calculator provides the user an option to add or remove GST amount from the net amount.
  • Helps in easy computation of GST.

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